$PJT
PJT Partners Inc.

2022 Q2 Form 10-Q Financial Statement

#000156459022027118 Filed on July 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $233.1M $313.3M $240.7M
YoY Change -3.13% -2.71% 3.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $177.4M $225.9M $177.6M
YoY Change -0.15% 3.56% 2.63%
% of Gross Profit
Research & Development $4.241M $5.033M
YoY Change -15.74%
% of Gross Profit
Depreciation & Amortization $2.200M $4.215M $1.900M
YoY Change 15.79% 8.08% 5.56%
% of Gross Profit
Operating Expenses $4.241M $230.1M $5.033M
YoY Change -15.74% 3.64% -97.15%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$7.970M -$8.341M -$6.779M
YoY Change 17.57% 54.46% 11.13%
Pretax Income $43.69M $74.84M $52.45M
YoY Change -16.7% -20.91% 5.57%
Income Tax $8.495M $10.72M $9.590M
% Of Pretax Income 19.44% 14.33% 18.29%
Net Earnings $19.17M $34.90M $23.15M
YoY Change -17.18% -24.32% 6.81%
Net Earnings / Revenue 8.22% 11.14% 9.62%
Basic Earnings Per Share
Diluted Earnings Per Share $725.5K $827.1K $549.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.3M $200.5M $139.1M
YoY Change 5.9% -33.06% 20.86%
Cash & Equivalents $147.3M $200.5M $139.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $303.1M $289.3M $300.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $450.4M $489.7M $439.4M
YoY Change 2.51% -8.06% 18.03%
LONG-TERM ASSETS
Property, Plant & Equipment $33.41M $37.15M $185.7M
YoY Change -82.01% -4.2% 369.28%
Goodwill $172.7M $172.7M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $34.17M $0.00 $72.68M
YoY Change -52.99% -100.0% -44.89%
Other Assets $65.51M $63.78M $61.66M
YoY Change 6.24% 19.67% 21.14%
Total Long-Term Assets $530.2M $497.9M $576.8M
YoY Change -8.08% -22.07% -9.6%
TOTAL ASSETS
Total Short-Term Assets $450.4M $489.7M $439.4M
Total Long-Term Assets $530.2M $497.9M $576.8M
Total Assets $980.6M $987.6M $1.016B
YoY Change -3.5% -15.7% 0.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.78M $23.75M $25.59M
YoY Change -18.78% -7.93% 19.56%
Accrued Expenses $234.9M $278.7M $297.4M
YoY Change -21.04% -34.52% -1.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $258.0M $306.0M $326.0M
YoY Change -20.85% -32.63% -4.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $44.91M $44.08M $33.39M
YoY Change 34.51% 50.44% 56.03%
Total Long-Term Liabilities $44.91M $44.08M $33.39M
YoY Change 34.51% 49.93% 56.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $258.0M $306.0M $326.0M
Total Long-Term Liabilities $44.91M $44.08M $33.39M
Total Liabilities $303.0M $350.1M $873.1M
YoY Change -65.3% -27.64% -1.33%
SHAREHOLDERS EQUITY
Retained Earnings $27.57M -$4.933M
YoY Change -85.11%
Common Stock $446.0M $391.2M
YoY Change 11.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.7M $120.2M $143.1M
YoY Change
Total Liabilities & Shareholders Equity $980.6M $987.6M $1.016B
YoY Change -3.5% -15.7% 0.58%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income $19.17M $34.90M $23.15M
YoY Change -17.18% -24.32% 6.81%
Depreciation, Depletion And Amortization $2.200M $4.215M $1.900M
YoY Change 15.79% 8.08% 5.56%
Cash From Operating Activities $159.7M -$9.484M $102.1M
YoY Change 56.46% -105.6% -30.7%
INVESTING ACTIVITIES
Capital Expenditures -$946.0K -$1.720M -$1.852M
YoY Change -48.92% 760.0% 15.75%
Acquisitions
YoY Change
Other Investing Activities -$14.21M $72.64M -$25.00K
YoY Change 56724.0% -19.19% -99.98%
Cash From Investing Activities -$15.15M $70.92M -$1.777M
YoY Change 752.67% -20.93% -98.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.78M -122.5M -60.69M
YoY Change 16.63% 17.32% 506.87%
NET CHANGE
Cash From Operating Activities 159.7M -9.484M 102.1M
Cash From Investing Activities -15.15M 70.92M -1.777M
Cash From Financing Activities -70.78M -122.5M -60.69M
Net Change In Cash 73.78M -61.04M 39.61M
YoY Change 86.25% -139.43% 41.48%
FREE CASH FLOW
Cash From Operating Activities $159.7M -$9.484M $102.1M
Capital Expenditures -$946.0K -$1.720M -$1.852M
Free Cash Flow $160.7M -$7.764M $103.9M
YoY Change 54.58% -104.58% -30.2%

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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7701000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1853000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1330000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1185000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
501000
CY2021Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
3400000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
71076000
CY2022Q2 us-gaap Depreciation
Depreciation
2200000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
43688000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
52446000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
93836000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
96335000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8495000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9590000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14175000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9683000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.194
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.183
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.151
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.101
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
12617000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
36301000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27290000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
95370000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
57238000
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4595000
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3674000
CY2022Q2 pjt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestOutstandingNumber
6691240
CY2022Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
7600000
CY2021Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
8100000
CY2022Q2 pjt Deferred Compensation Arrangement With Individual Unrecognized Compensation Expense Not Yet Recognized
DeferredCompensationArrangementWithIndividualUnrecognizedCompensationExpenseNotYetRecognized
28500000
pjt Deferred Compensation Arrangement With Individual Compensation Expense Not Yet Recognized Period For Recognisation
DeferredCompensationArrangementWithIndividualCompensationExpenseNotYetRecognizedPeriodForRecognisation
P2Y2M12D
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
733000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2804000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6765000
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.046
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
24755000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
19187000
CY2022Q2 pjt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
53671000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
14548000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
29674000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
28170000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
170005000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
26166000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
143839000
pjt Payment For Units Exchanged
PaymentForUnitsExchanged
11000000.0
pjt Payment For Units Exchanged
PaymentForUnitsExchanged
65200000
CY2022Q2 pjt Amount Due Pursuant To Tax Receivable Agreement
AmountDuePursuantToTaxReceivableAgreement
31300000
CY2021Q4 pjt Amount Due Pursuant To Tax Receivable Agreement
AmountDuePursuantToTaxReceivableAgreement
31100000
CY2022Q2 us-gaap Revenues
Revenues
233141000
us-gaap Revenues
Revenues
479460000
us-gaap Revenues
Revenues
447381000
CY2022Q2 us-gaap Assets
Assets
980610000
CY2021Q4 us-gaap Assets
Assets
987625000

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